KARACHI, Oct 23 (APP): The State Bank of Pakistan (SBP) Monday advised CMPECC, an Electronic E-commerce Company, to refund all outstanding funds to its e-money wallet holders within 15 days.
The action has been taken after receipt of M/s CMPECC’s request for closure of its e-money business and request for withdrawal of e-money license under the regulations for EMIs, said a statement issued here.
It may be noted that EMI licenses are issued by SBP to non-bank entities in three stages i.e. In-Principle Approval, Pilot Operations Approval and Commercial Operations Approval. CMPECC (Pvt) Ltd is currently in ‘Commercial stage’ under Regulations for Electronic Money Institutions (EMIs).
The central bank has advised CMPECC to refund all outstanding funds to its e-money wallet holders immediately but not later than 15 days of the issuance of the letter (dated October 23, 2023) in this regard.
The liability of returning customers’ funds rests with M/s CMPECC under Regulations for EMIs, the statement said adding that instructions on revocation of license of M/s CMPECC, under Regulations for EMIs would be issued separately by the SBP.